Cadence Design Systems, Inc. (NASDAQ:CDNS) Position Boosted by DekaBank Deutsche Girozentrale

DekaBank Deutsche Girozentrale increased its position in Cadence Design Systems, Inc. (NASDAQ:CDNS) by 3.1% in the second quarter, according to its most recent disclosure with the SEC. The institutional investor owned 532,556 shares of the software maker’s stock after purchasing an additional 15,838 shares during the period. DekaBank Deutsche Girozentrale owned 0.20% of Cadence Design Systems worth $164,959,000 at the end of the most recent reporting period.

Other hedge funds and other institutional investors have also recently bought and sold shares of the company. Ulland Investment Advisors LLC acquired a new position in Cadence Design Systems in the first quarter worth $25,000. RiverPark Advisors LLC bought a new position in Cadence Design Systems in the 1st quarter worth about $26,000. ORG Partners LLC grew its holdings in Cadence Design Systems by 911.1% in the 2nd quarter. ORG Partners LLC now owns 91 shares of the software maker’s stock worth $28,000 after buying an additional 82 shares in the last quarter. Annapolis Financial Services LLC bought a new position in Cadence Design Systems in the 1st quarter valued at about $32,000. Finally, Hollencrest Capital Management increased its stake in shares of Cadence Design Systems by 637.5% during the first quarter. Hollencrest Capital Management now owns 118 shares of the software maker’s stock valued at $37,000 after acquiring an additional 102 shares during the period. 84.85% of the stock is owned by institutional investors.

Cadence Design Systems Trading Up 2.0 %

Shares of NASDAQ CDNS opened at $269.90 on Friday. The business has a 50 day simple moving average of $274.81 and a 200 day simple moving average of $291.88. Cadence Design Systems, Inc. has a 52 week low of $227.05 and a 52 week high of $328.99. The stock has a market cap of $73.90 billion, a price-to-earnings ratio of 70.29, a PEG ratio of 3.19 and a beta of 1.02. The company has a debt-to-equity ratio of 0.23, a quick ratio of 1.32 and a current ratio of 1.43.

Cadence Design Systems (NASDAQ:CDNS) last posted its earnings results on Monday, July 22nd. The software maker reported $1.28 EPS for the quarter, topping the consensus estimate of $1.22 by $0.06. The company had revenue of $1.06 billion during the quarter, compared to the consensus estimate of $1.04 billion. Cadence Design Systems had a net margin of 25.36% and a return on equity of 29.54%. The company’s revenue for the quarter was up 8.6% compared to the same quarter last year. During the same period in the previous year, the firm posted $0.94 earnings per share. On average, research analysts predict that Cadence Design Systems, Inc. will post 4.73 earnings per share for the current fiscal year.

Insider Transactions at Cadence Design Systems

In other Cadence Design Systems news, Director Vincentelli Albert Sangiovanni sold 1,500 shares of the stock in a transaction that occurred on Monday, July 15th. The stock was sold at an average price of $314.57, for a total transaction of $471,855.00. Following the transaction, the director now owns 46,551 shares in the company, valued at $14,643,548.07. The sale was disclosed in a filing with the SEC, which is available at the SEC website. In other news, Director Vincentelli Albert Sangiovanni sold 1,500 shares of the company’s stock in a transaction that occurred on Monday, July 15th. The stock was sold at an average price of $314.57, for a total transaction of $471,855.00. Following the completion of the transaction, the director now directly owns 46,551 shares in the company, valued at $14,643,548.07. The sale was disclosed in a filing with the SEC, which can be accessed through this link. Also, VP Chin-Chi Teng sold 10,000 shares of the firm’s stock in a transaction on Monday, July 1st. The stock was sold at an average price of $305.84, for a total transaction of $3,058,400.00. Following the completion of the sale, the vice president now owns 95,408 shares in the company, valued at approximately $29,179,582.72. The disclosure for this sale can be found here. In the last quarter, insiders sold 36,113 shares of company stock worth $10,237,521. 1.99% of the stock is owned by corporate insiders.

Analysts Set New Price Targets

Several research analysts recently weighed in on the company. Piper Sandler raised Cadence Design Systems from a “neutral” rating to an “overweight” rating and set a $318.00 target price for the company in a research note on Tuesday, August 6th. Needham & Company LLC reaffirmed a “buy” rating and issued a $320.00 price target on shares of Cadence Design Systems in a report on Tuesday, July 23rd. Bank of America raised their price objective on Cadence Design Systems from $330.00 to $350.00 and gave the stock a “buy” rating in a research note on Thursday, May 30th. Robert W. Baird cut their target price on Cadence Design Systems from $341.00 to $338.00 and set an “outperform” rating on the stock in a research report on Tuesday, July 23rd. Finally, KeyCorp increased their price target on Cadence Design Systems from $350.00 to $355.00 and gave the company an “overweight” rating in a research report on Thursday, June 27th. Two equities research analysts have rated the stock with a hold rating and eight have assigned a buy rating to the company’s stock. Based on data from MarketBeat, the stock has a consensus rating of “Moderate Buy” and a consensus target price of $334.56.

About Cadence Design Systems

Cadence Design Systems, Inc provides software, hardware, services, and reusable integrated circuit (IC) design blocks worldwide. The company offers functional verification services, including emulation and prototyping hardware. Its functional verification offering consists of JasperGold, a formal verification platform; Xcelium, a parallel logic simulation platform; Palladium, an enterprise emulation platform; and Protium, a prototyping platform for chip verification.